Understand the use of market mapping to spot a business opportunity
Be able to produce a market map for local food outlets
Starter (5 mins)
In pairs write a list of sit down food outlets in the town centre
Key Words (5 minutes)
Market Segment - Part of a market containing a group of customers with similar buying habits such as age or income Price sensitive - When it price is important in the decision about whether or not to buy Market map - A diagram that shows the possiblities for two features of a product such as price and quality Gap in the market - An area where no business is servicing the needs of customers for a particular product
Market Mapping - Class activity (10 mins)
Often a drawn map with the crosses of quality and price to position competitors and identify the nearest competitors or help pinpoint your position in the market.
Task (30 mins)
Create a market map to position the town centre outlets where Mrs Evans can sit with a cup of coffee
Plenary (10 mins)
Add to a mindmap of customer characteristics for Canvey Island
Business Opportunity
Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6
Lesson Objectives
Starter (5 mins)
In pairs write a list of sit down food outlets in the town centreKey Words (5 minutes)
Market Segment - Part of a market containing a group of customers with similar buying habits such as age or incomePrice sensitive - When it price is important in the decision about whether or not to buy
Market map - A diagram that shows the possiblities for two features of a product such as price and quality
Gap in the market - An area where no business is servicing the needs of customers for a particular product
Market Mapping - Class activity (10 mins)
Often a drawn map with the crosses of quality and price to position competitors and identify the nearest competitors or help pinpoint your position in the market.Task (30 mins)
Create a market map to position the town centre outlets where Mrs Evans can sit with a cup of coffeePlenary (10 mins)
Add to a mindmap of customer characteristics for Canvey Island